This archive report was first published on 30 September 2019.
September 30, 2019, marked a significant day for Kenyan betting fans as SportPesa and Betin exited the market. However, for House committee chairman Kanini Kega, it was a cause for celebration.
Mr. Kega, who heads the National Assembly Committee on Trade, believes the closure of the two firms will have a positive impact on the lives of Kenyan youth.
According to him, gambling has led to addiction and unproductivity among some youth, making them a burden to society.
“Betting does not create wealth,” he said on Sunday at Kabiruini PCEA in Nyeri. “It is unfortunate that the two firms closed shop, I know a few people who were employed lost their jobs, but I insist that the kind of companies we are going to support are those that come in terms of industries that will create job opportunities for our people but not addiction.”
Mr. Kega acknowledged that the government welcomes foreign investors, but the mushrooming of betting firms has not been beneficial to the economy.
He stated that the exit of SportPesa and Betin has little impact on the Kenyan economy, contrary to the claims of job losses.
More than 2,500 people, mostly Kenyans, have been rendered jobless by the closure of the two firms, which controlled over 60 percent of the market share in Kenya.
The two firms stopped operations following a prolonged tax standoff with the government, citing unviability due to the taxes slapped on the industry.
